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/biz/ - Business & Finance

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14048225 No.14048225 [Reply] [Original]

My Dad is purchasing a 7-bedroom house next door and is offering me ownership when he eventually passes. Since a 7 bedroom is an investing goldmine, I was wondering what /biz/'s thoughts where on what to do. I was thinking of turning it into a retirement home or an assisted living business.

Anyone have experience with this?

>> No.14048237

>>14048225
whorehouse. obviously.

>> No.14048272

>>14048225
Your first move before you do anything is to look at the zoning. Find out what zone it's in and what uses are allowed, which are prohibited, and which require a special permit.

>> No.14048302

>>14048225
Rent out to black people. They deserve a nice place to stay, Anon.

>> No.14048333

>>14048225
>mining room
>home gym room
>entertainment 4k tv room
>braphog stable
>bedroom
Just use it as your house anon. You can fill those rooms up.

>> No.14048417

>>14048225
how old is your dad? terminal ill?

>> No.14048434

>>14048333
>mining room
Fuck, I didn't even think of this. Thanks anon.

>>14048302
thatsanoformedog.mp3

>>14048272
Thanks for the reply. I'll have to look into this. Have a good weekend, bro.

>>14048237
I wish. Maybe a swingers club?

>> No.14048466

>>14048417
He just turned 61 today, but my mom is terminally ill, so go tell your mom you love her.

>> No.14048498
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14048498

>>14048225
You absolutely have to listen to >>14048272. There is a HIGH, HIGH chance that you're not allowed to rent this to more than 3 parties, especially if you're in a liberal state. There's also a solid chance if you're near a liberal city that they're at their rental quota and NEED to make your property a section 8 property. This always happens like thus:

>law says you need 10% of properties as welfare section 8
>you (city planner) have 12% of properties as welfare, 88% as private
>Over 3 years someone bribes you or the rest of the board or some other group and gets their condos put up
>you're now at 9%, you have lost federal grants
>No one is allowed to make new rentals until you're at 10% again

This happens all of the time, especially in corrupt rich places like Boston, NYC, Chicago, LA, San Fran, Seattle, etc.

The worst part is this is a 7 BEDROOM, not a 7 UNIT. You will very likely have laws governing how people renting parties can rent one unit (this is one unit, it's not split). Then you can try to split it instead into a quadruplex or something but you need to make sure the zoning laws allow that lot to be a mutli-unit property. I am on the Municipal Code & Bylaw Committee for my town and I block multi-unit transitions every single time. They are always foot-in-the-door for more section 8 and more crime in town, as happened to Milford MA.

>tl;dr look up laws because boomers already abused every single state/town and they're all wary of what you're trying to do

>> No.14048508

>>14048434
yeah, something fancy. high end escorts for /biz/nessman

>> No.14048740

>>14048498
Damn. Thanks for that. I don't want any of that section 8 bullshit either. Looking into it now.

What if I plan on living in the master and renting out the three other bedrooms to my mates/students?

>> No.14048781

>>14048740
Then you'll need to look up landlord laws and also zoning laws for how many people you're allowed to rent out to. States all have weird laws, they don't have to be blockers. I own a 2 bedroom condo in MA and the state says if I have a parking spot, it HAS to go to the renter, so I park in the ample visiting parking. If I did not have ample visitor parking, I'd be in trouble. So just make sure you're aware of the state's laws, there's probably some website to help you make a lease that will pull in all mandatory clauses.

>> No.14048790
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14048790

>>14048333
>braphog stable

>> No.14048826

>>14048225
first thing you should do is tell him to downgrade to a fucking 3 bed

what that cuck need 7 beds for?

then he should give you 50% of the savings NOW and 50% when he dies.

the ultimate cuck is to make your kids wait and wagecuge for 30 years for your deflated inheritance

>> No.14048841

>>14048498
The solution to this is listing it as bed and breakfast.

You'll have less turnover but you'll be charging 2-3x a night compared to renting and you won't have to worry as much since people have already given you their credit card information and given a deposit.

What I would do is see if there's enough of a demographic for you to split the bottom into a cute brunch/coffee shop place then treat the bedrooms as air BnB units to try and get some dual cash flow coming in.

If the lot is big enough pave the backyard and gouge overnight customers on parking.

>> No.14048866

>>14048466
you will be stuck with your dad for another 10 to 20 years, come back when he's on the edge